Commercial National Financial Corporation Reports 3rd Quarter 2022 Earnings
October 27, 2022 at 03:31 pm IST
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ITHACA, Mich., Oct. 27, 2022 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) today announced third quarter 2022 net income of $1,601,000, or $.40 per share compared to third quarter 2021 net income of $1,478,000, or $.37 per share. Return on Equity (ROE) was 15.72% for the third quarter of 2022 compared to 13.35% for the third quarter of 2021.
For the third quarter of 2022, net interest income increased $458,000, or 11.3% compared to the third quarter of 2021 primarily due to higher market interest rates and interest-earning assets. Total loans, excluding Paycheck Protection Program (PPP) loans, increased $21.3 million, or 5.4% when comparing September 30, 2022 to September 30, 2021. Non-interest income increased by $35,000, or 5.8% primarily due to higher debit card interchange fees. Operating expenses increased by $138,000, or 4.4% primarily due to higher wages and benefits expense.
Total assets were $613.1 million at September 30, 2022 compared to $591.8 million at September 30, 2021. The increase was primarily due to core deposit growth, partially offset by lower wholesale borrowings. At September 30, 2022, PPP loans outstanding were approximately $1.0 million compared to $54.4 million at September 30, 2021.
Commercial National Financial Corporation operates through a single subsidiary bank, Commercial Bank. Visit www.commercial-bank.com to view the latest consolidated Annual Report, news releases and other information about CEFC and Commercial Bank.
Commercial National Financial Corporation (CNFC) is a one-bank holding company, which operates through its subsidiary, Commercial Bank (the Bank). The Bank provides a full range of banking services to individuals, agricultural businesses, commercial businesses and light industries located in its service area. It maintains a diversified loan portfolio, including loans to individuals for home mortgages, automobiles and personal expenditures, and loans to business enterprises for current operations and expansion. The Bank generally requires collateral for all loans. The Bank offers a variety of deposit products, including checking, savings, individual retirement accounts and certificates of deposit. The principal markets for the Bank's financial services are the Michigan communities, in which the Bank is located and the areas immediately surrounding these communities. The Bank has approximately 11 offices located in Barry, Gratiot, Ingham, Kent and Montcalm Counties in Michigan.